HomeContributorsTechnical AnalysisEUR/USD Stops At 1.08 Mark

EUR/USD Stops At 1.08 Mark

‘The only thing holding global fund managers back from Europe is Marine Le Pen.’ – Wayne Gordon, UBS (based on Bloomberg)

Pair’s Outlook

During the early hours of Wednesday’s trading session the common European currency against the Greenback fluctuated just below the weekly R1, which is located at the 1.0814 level. The weekly resistance is strengthened also by the 38.20% Fibonacci retracement level at 1.0826. The currency pair surged on Tuesday and gained almost 0.7%. Due to that factor it can be assumed that this is a minor consolidation of positions before the surge continues. It is possible that the rate retreats back down to the monthly R1 at 1.0772 before it attempts to break the before mentioned resistance levels.

Traders’ Sentiment

SWFX sentiment remains bearish, as 61% of open positions are short on Wednesday. Moreover, 55% of trader set up orders are to sell the Euro.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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